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Real Estate | Real Estate Blog

Sunday, June 30, 2024   /   by Amy Richardson

Housing Market Forecast: What’s Ahead for the 2nd Half of 2024

As we move into the second half of 2024, here’s what experts say you should expect for home prices, mortgage rates, and home sales.

Home Prices Are Expected To Climb Moderately

Home prices are forecasted to rise at a more normal pace. The graph below shows the latest forecasts from seven of the most trusted sources in the industry:

  homebuyers, housing market, home selling, mortgage rates, real estate, homeowners

Tuesday, June 18, 2024   /   by Amy Richardson

Worried About Mortgage Rates? Control the Controllables

Chances are you’re hearing a lot about mortgage rates right
now. You may even see some headlines talking about last week’s Federal Reserve
(the Fed) meeting and what it means for rates. But the Fed doesn’t determine
mortgage rates, even if the headlines make it sound like they do.
The truth is, mortgage rates are impacted by a lot of
factors: geo-political uncertainty, inflation and the economy, and more. And
trying to pin down when all those factors will line up enough for rates to come
down is tricky.
That’s why it’s generally not worth it to try to time the
market. There’s too much at play that you can’t control. The best thing you can
do is control the controllables.
And when it comes to rates, here’s what you can influence to
make your moving plans a reality.
 
Your Credit Score
Credit scores can play a big role in your mortgage rate. As
an article from CNET explains:
“You can’t control the. ...

  homebuyers, housing market, real estate, mortgage rates

Wednesday, December 6, 2023   /   by Amy Richardson

Sellers are cutting home prices at a record level. Here's what's driving the trend

By Joanne Drilling – National Data Reporter, The Business Journals

Dec 6, 2023


High interest rates are weighing heavily on homebuyers, but they also are prompting a record percentage of sellers to drop their prices.
That's according to an analysis of pricing data from Redfin Corp., which found 20.8% of active listings nationally had a price drop in October.
Nationally, the weekly average for price drops was nearly 7% for the four weeks ended Oct. 29. That's the highest point on record, according to Redfin.  

Interest rates aren't the only factor in the drops, but they are compounding the affordability equation at time when many sellers are pricing aggressively.
“Some sellers are pricing too high because they have FOMO after their neighbor’s house sold well over asking price two years ago,” said Seattle Redfin Premier agent Patrick Beringer. “While low inventory is driving some competition, and relatively affordable homes ; ...

  homebuyers, real estate

Home Smart - Savvy Realty Group
Amy Richardson
6909 W Ray Rd #21
Chandler, AZ 85226
602-448-8081

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